Additional banks integrated into instant payments system in Azerbaijan

Finance Materials 5 April 2021 16:54 (UTC +04:00)

BAKU, Azerbaijan, April 5

By Zeyni Jafarov - Trend:

As part of the measures to expand the coverage of the instant payments system in Azerbaijan, three more banks have been integrated into it, Trend reports on April 5 with reference to the Central Bank of Azerbaijan (CBA).

“Bank Respublika, Pasha Bank, and Bank VTB provided their clients with the opportunity to use the functionality of the instant payment system,” the CBA said.

Thus, individuals, legal entities, and state agencies were able to conduct settlements 24/7 through simplified identifiers (FIN, mobile phone number, e-mail) on bank accounts.

The system of instant payments, created by the CBA as part of the state program to expand digital payments for 2018-2020, approved upon decree #508 of the president of Azerbaijan dated September 26, 2018, was launched on October 1, 2020.

Some 19 banks, the State Treasury Agency of the Azerbaijani Ministry of Finance and Azerpost LLC have been integrated into this platform today.


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